Shrimp should be headed, peeled, and deveined. Hold shrimp by tail, and dredge in flour, shaking off excess flour. Dip in egg/beer batter; allow excess to drip off. Roll shrimp in coconut and place on a baking sheet lined with wax paper. Refrigerate for 30 minutes. Meanwhile, heat oil to 350 F in preparation for frying.

Fry shrimp in batches: cook, turning once, for 2 to 3 minutes each side, or until golden brown. Using tongs, remove shrimp to paper towels to drain. Serve warm with dipping sauce.